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Despite the technical rigors of qualifying for a loan today, there is something more ominous lurking in all mortgage applications that most consumers wouldn’t think twice about. Specifically, we’re talking about the eligible funds for the mortgage transaction. You might have the money in the bank, but it isn’t that simple. A lender will still want to know who the funds belong to, and how the money got there. And if you can’t document these things, your mortgage could get delayed — or denied.

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Bank Statements Don’t Reveal the Whole Picture

Bank statements show the funds in your account, but whether these funds are legitimate is another question indeed. And cash deposits that are inconsistent with your banking history will be under the lender’s magnifying glass. In fact, cash deposits cause more problems and scrutiny for consumers trying to secure mortgages today than any other credit item. (Credit scores can also trip you up in the loan process. You can check two of your credit scores for free on Credit.com to see where you stand.) So let’s take a look at the typical scenarios homebuyers need to be ready for when documenting their cash in the bank.

If any deposit is more than 25% of your monthly income…

Then monies will have to be sourced with a clear letter of explanation, or a potential gift letter if the money came in the form of a gift, along with a statement from the person gifting that money showing they had the ability to do so.

If any deposits are less than 25% of your monthly income…

Then these funds can be used in the loan transaction, although the consumer may be asked to explain where the funds originated. However, no paper trailing will be required.

If cash is from a side job or any other exterior source other than your occupation…

Then — if it is needed for the mortgage transaction — that money will have to be “seasoned” for a period of 60 days, meaning those funds are ineligible for use toward the mortgage until two statement cycles have passed. Then those funds will be eligible.

If a deposit is a gift…

Then the person giving the gift needs to show on paper a clear ability for them to gift money to the recipient. In other words, a friend of the person giving the gift can’t make a deposit in the giftor’s account without getting a clear and concise explanation including a gift letter and subsequent paper trail with bank statements showing where the funds originated and where the funds ended up.

If additional reserves are needed, e.g. two months’ worth of mortgage payments liquid in the bank (which is typically what’s needed)…

Then consumer must meet the 60-day seasoning requirement, unless the funds are from paychecks in the normal course of pay periods.

How This Mistake Could Cost You

Should any one of these situations occur, plan on a longer escrow followed by a longer interest rate lock. The longer a transaction takes, the higher the cost. Circumstances like gathering together financial documentation at the last minute, sourcing monies and/or getting contractual purchase contract extensions, which often run as high as $100 per day for every day the transaction does not close on time, are all examples how important timing is in procuring loan approval.

It is in the consumer’s best interest to handle the paper trailing concerns and credit characteristics with the lender upfront, so it doesn’t become an issue later on when loan contingencies need to be removed or when the refinance slated to close is delayed because an updated statement shows deposits inconsistent with the consumer’s income.

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Scott Sheldon is a senior loan officer and consumer advocate in Santa Rosa, California. His work has appeared in Yahoo! Homes, CNN Money, MarketWatch and The Wall Street Journal. Connect with him at Sonoma County Mortgages.

Comments on articles and responses to those comments are not provided or commissioned by a bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by a bank advertiser. It is not a bank advertiser's responsibility to ensure all posts and/or questions are answered.

Please note that our comments are moderated, so it may take a little time before you see them on the page. Thanks for your patience.

Tiffany

My boyfriend and I are in the process of buying a house with a VA loan. The mortgage is only in my boyfriends name. But, I deposit cash into his bank account because we live together. My mom was also nice enough to give us 3,000 dollars towards furniture or whatever else we needed. We started the loan process the day I put the 3,000 from my mom in the account, now again, I can prove where the money came from. My mom can give me her bank statements and I also held on to the withdrawal and deposit receipt. Is this going to be an issue? And if it is, these banks need to just worry if my boyfriend has a steady income every week coming from working (which 1,000 dollars is directly deposited into his account once a week from his job) so will that 3,000 be an issue?

hummingbird

I think that the money from your mother would qualify as a gift.

http://www.countryphase.com RJ

Found this very useful, even after three years. Linked to you from my own post on the subject.

Mortgage Help

This should be understandable specially that you are expected to make tips.
You can always season the money for two month and apply, but a simple explanation letter should be acceptable in your case.. Sorry to hear but try to ask the lender if this will be an issue before you apply, and try to minimize your deposits

ALICAT

I just had a mortgage fall through a few days ago over $500 cash in my acct. It really is ridiculous and now I have to scramble for an apartment and wait another year to try and buy a ghouse again. SMDH!

confused

I got my loan approved and bought a house, it went through escrow, title and it went to the recorder. I have even made my first house payment already, it has been over a month and now the mortgage co. is saying that the underwritter is still not happy with the letters of explanations as to my bank deposits. Can they revoke my loan and take away my house?

Lynne

If someone has mattress money for down payment and gives it to a friend and they put it in their account then gift it back to the person is that a way to get around it?

challengeyourlimits

You should have bought food and gas with the mattress money and deposited savings in the bank with payroll checks or dividends , or gifts but not cash. So savings and qualified deposits must be checks.The grocery store does not ask you where the cash came from.

ScottSheldonCaliforniaLender

Yes, then after 30 days you can have your lender pull credit which subsequently will show the current principal balance reflective of the paydown which at that time should not be problematic for you.

Vivian Ejiogu

Can i open another bank account, deposit some money, use that money to pay some of the principle of an existing mortgage t? I have cash, and don’t have time to wait (2 months) to be able to use it for a downpayment on a new home purchase. So, If i pay some of my current mortgage of and use the leftover for closing i would be fine. Im prepared for $300,000. Current home will sell for $345,000. Im looking for a home $500,000 + any remaining money that i need, to avoid “sourcing fund” issues, would it be best to avoid depositing a large amount into the bank and instead using that money to pay more off my current home, that way i have a more legit source for my new downpayment? Would they know I did this somehow and will it affect me?

Nicola

I have some mattress money (5k). Can i live off that money from my closet (make monthly expenses such as grocery shopping, etc. with that) and build up my savings with my regular salary direct deposit in my bank? In other words, doing so will significantly reduce the “spending” portion in my bank account. Do the lenders care about the change in spending patterns? (I would still pay my rent through my bank account, not off the cash at hand). On the side, what is the maximum monthly deposit that a lender would not question?

My other option is to deposit the whole money to my bank, but from what I understand from the posts here, I need to wait 2 months before applying for mortgage pre-approval. I want to be able to start house hunting now, so I don’t prefer this option.

ScottSheldonLoans

Yes, I think that would be a good plan. Use your cash for general housing/living expenses and save up for the cash to use on the home from your salary. Spending Pattern should not be an issue. It depends on loan program for the maximum monthly deposit. If there’s any cash deposit going in your bank account, most likely will be questioned. In other words have a separate bank account that you don’t run your monthly tally off of. This way to be less activity with that account which should keep the questions in underwriting if any arise to a minimum. The whole idea is that the money needs to be in your account for at least 60 days to be seized. If the money is coming from your employer for example such as a deposit that might be questioned, but that will not be a roadblock. Hope This answers your questions.

mortgage specialist

you have to prove the source of your funds in order to prevent money laundering (i.e. drug dealers). If you can prove the funds were earned “legitimately” and can prove where they came from, then you are fine.

MirM

Can you be absolutely clear on this.
If the deposit has been in your account for more than 60 days then, 1) you do not need a gift letter AND 2) you do not need to source the funds.
Is this correct?
Also what does source of funds mean and where does it end?

ScottSheldonLoans

If you are receiving gift funds and the money is deposited in your bank account and has been there for the most recent last 60 days or longer, these monies are considered to be your own funds and generally a gift letter need not be needed. This would also need not having the source those funds. Sourcing Funds means providing a paper trail of where the money originated where the money was moved to and ultimately worth the money ended up. The whole idea here, is to provide documentation to support cash to close. Lenders cannot use random cash that cannot be documented or identified. This includes obvious things such as suspicious activity, cash from side jobs or cash from any other project would need to be documented otherwise is considered ineligible and would have to be unique account for at least 60 days to meet banking seasoning requirements. Additionally, any monies used in deposited into a bank account would be better served not bring those monies into a normal checking account where your daily ledger of bill paying comes from that looks like you’re spending your down payment And/or cash to close.

Veronica

Question – If I setup a “fundraiser” via the web to make it accessible to my family and friends if they so chose to help contribute to my down payment as a gift to me, would that in itself be a sufficient source or would I still need gift letters, bank statements, etc from each one?

ScottSheldonLoans

What a unique and interesting question! I have never have this before 10 years originating loans. I would imagine as long as you can document the funding source and the monies deposited that funding source you would be okay. This however, it’s very much a gray area and worst-case you would have to wait 60 days before being able to use those monies to purchase a home with.

http://www.Credit.com/ Gerri Detweiler

You want to be honest about the source of funds; youi may have to come up with documentation.

hummingbird

When some one gives me a gift, he does not expect a receipt!

Jane

I’m going through this process right now. My co-op costs $200,000 and I’m putting down 50%. I made a cash deposit of $4,000 recently and the underwriter is asking me to source the fund. I submitted a withdrawal receipt of $4,000 from a friend. Is that good enough? Will my loan get denied because of this? I don’t even need this $4,000 to go toward my down payment. I have more than enough saved. Please help.

http://www.Credit.com/ Gerri Detweiler

Jane – Have you talked with your loan officer?

Jane

Yes, I have but she works for the bank I’m applying for a mortgage with and she basically told me it’s solely up to the underwriter. She mentioned that she had a client in the past that was in the same situation as me and was denied. FYI, I applied with HSBC.

http://www.Credit.com/ Gerri Detweiler

Did you ask her about the suggestions in the article such as a gift letter? You’re going to have to work with her to try to figure something out as she’ll know more about the specific requirements for the lenders she works with.

ScottSheldonLoans

That should work, but call your L.O.

Jane

Thanks! I’m keeping my fingers crossed!

lml

I made over 60k working as a valet. Almost every one of my server/bartender friends easily clear 40k.

Gorton Romeo

Creative post…

WarriorPrincess

I gave my sister 5k because she needed help with having an specific amount of money in the bank because she was trying to buy a house and I was asked to give them my bank statement because they needed to know how I got my money that I’ve been saving in the bank for years. The money was transfer bank to bank, and the still wanted the paper trail. If they required explanation from money coming from a bank, imagine coming from cash. I think is a violation of privacy.

ScottSheldonLoans

Yes as long as you have not released your loan contingency on your purchase contract you should be able to receive your earnest money deposit. Talk to your realtor.

headache

The amount of complaining about this is nuts.

Let me ask you something real quick, do you have the money for a home? Answer is no since you’re trying to get a loan. So that sets me up for the second part of this, risk. Any and EVERY loan is a risk. These terms go from 10 years to 30 years when just about everybody has no idea what will happen in that time span. So yes, when lenders are trying to determine your ability to repay they can’t use cash deposits as that’s not a recurring source of income or assets. Second of all, holding cash just to hold cash and save is ridiculous. Invest it or put it in a safe and use it as just in case funds. Anything pertaining to getting a loan has to be done by the books. If you’re self employed and writing off everything underneath the sun, then you won’t have the income to qualify. Does anybody blame you? No, everybody would do that….except when they go for a loan. When a Lender underwrites a file they have to determine your ability to repay.

So unless you want another economic bubble from a housing/lending bust or you have the money to get the home you want, suck it up, find somebody educated, and ask them. Don’t be shocked if you can’t get the house you want when you want it. You’re not 5 anymore, you can’t get what you want when you want it by throwing a fit. Be grateful that you even have the opportunity to get a loan, and in today’s market, with rates as low as they are.

End rant

ScottSheldonLoans

Yes, sourcing of all cash deposits is required.

Ashleyvandeman

If a roommate who is a server put the money into our account, will the bank ask the roommate for their bank statement to prove it came from them and went to mine to pay half the rent?

http://www.credit.com/ Credit.com Credit Experts

We’re sorry; we can’t help with that one.

Your best bet is to ask your bank.

ScottSheldonLoans

Nope you should be fine. It’s joint funds. The loan in your name only would have to be a conventional loan, not VA, fha or USDA as lender needs to pull credit of the other spouse and then all debt would need to be considered. Conventional doesn’t have that restriction.

Expert

There are ways that you can still purchase. There is hope. It all depends on your detailed situation and file…matter of speaking to the right loan officer to make sure they have looked at all options and overlays on which the lender allows.

ScottSheldonLoans

Yes the lender does
require “sourcing” of where the money originated. If a buyer was to get gift
funds from an individual stating the relationship to the buyer, there is
nothing that actually demonstrates they have the ability to provide the money.

In other words, the reason lenders ask for
this is to prevent using potentially tainted funds and/or money laundered funds
for the purposes of buying a home with debt. The lender does not care about the
other deposits the giftor has, all the lender cares about is showing on paper
that the person gifting the money actually has the ability to do so. Lenders
now require two months of bank statements on the origin of the gift funds along
with the signed gift letter stating the relationship in order to use gift
monies in a purchase transaction. Note on conventional loans the person giving
the gift has to be a blood relative.

If the sourcing of the
gift cannot be obtained, the money has to be treated as illegitimate funds
wherein the only way to use those funds, is after funds have been in the bank
for at least 60 days.

Frankthetank

I am actually having this current issue, I am a server therefore 90+ percent of my income is in cash. At the end of the period my earning statement reflects the amount of tips earned but my check is not negotiable because I am payed on daily basis at the end of the shift. Well after a couple days i deposit my money so I can be able to pay my bills online or what not. Now my lenders is asking me about this “transactions” as if its mystery money. And here I am researching on how to word it in a way where they can understand it without raising any further questions.

ScottSheldonLoans

The only way to make the money good so to speak is to have in the bank account for a minimum of 60 days were be able to source with get funds and the origin of where those monies began i.e. someone else’s bank account, lender will also need a copy of that bank statement for a minimum of two months showing they had the ability to provide those monies.

flankton

That sounds like fascism to me

CH

Ridiculous. My husband and I are going through this right now. I have saved cash for close to 30 YEARS (from odd jobs, selling personal items, etc.) and put it in my safe. Now, we are wanting to buy a new home before our current one sells, and I am being told that my 20K in CASH cannot be used as CASH reserves, even if deposited into an account. But a retirement or 401K account could. Ummm…. If I lose my job or have an emergency and need funds to pay my mortgage, which one do you think I could get my hands on faster? Makes no sense to me.
Whatever happened to cash is king?

ScottSheldonLoans

Cash is certainly King just put the money in the bank account let it sit there for two months and you are good to go problem solved:).

john

The reason for sourcing funds makes sense in that you cant borrow money, or use illegally earned money to qualify for a loan. But the fact that all you have to do is wait 3 months to “season” it just goes to show you that it’s really just an excuse to delay the loan, increase closing costs, and ding your credit to raise your interest rate after you are denied the first try. It’s the banks predatory tactics on the average consumer (since rich people just pay their way around these things)

We put your question to Joseph Kelly, president of ArcLoan.com. He suggested that you speak with a different recommended lender.

Addressing your broader concerns about tip income, he said that if you have been depositing your tips into your bank account AND your tips are reported on his pay stubs, you should be able to use that cash as an allowable “source of funds” for a mortgage. If there are significant differences between what the pay stubs show for tips and his deposits there could be a problem because there is not documentation for where the cash is coming from.

Are you using the tip money to qualify as income for the mortgage? In that case, you would need a two-year history of the income (it will be averaged) and the lender will need to be able to verify the tip income.

Money is money. The government really needs to get OUT of any private transactions especially since they can’t even pay their own debts or balance a budget EVER. The “patriot” act can burn in hell with G. W. Bin Laden.

Being a due diligence underwriter or “mortgage auditor” I can tell you that these rules and regulations have been in place long before 2005 when I entered the field. The reason for the crash was blatant disregard for the existing laws. Get your damn facts straight before you pass your bull off as knowledge. All this information is available for those not too lazy to do real research so that they have facts/truth instead of hateful lies.

SolidGOP

Actually, if you have a job with direct deposit, then take whatever “gift” money you got, stick it in the closet, and live off that, while your direct deposits build up. That way the money is virtually invisible to THE MAN. By the way, the reason they put you through all this (and should have been mentioned in the article) is that they don’t want you “informally” borrowing money from others to meet the financial requirements for your home loan, as then your ability to pay for the house has to compete against your informal loan (i.e., an “informal loan” is one that is not on credit report, but can still be a legally binding debt, particularly if documented by a loan agreement).

Of course with the country heading back to loaning out money on steroids, pretty soon we’ll be back to having the loan officer verify that you can fog a mirror, and then giving you your money.

flankton

All I will say if my whole loan is not approved merely because of a 1.5K cash deposit I made with money i have been saving under my mattress for 15 years, JUST TO BUY A HOUSE ONE DAY…. no.

To put it another way, I study, I go to school, I work, I pay my loans on time… for years. i build a 813 credit score. All along I dont take vacations, I sock money away, and I save and save. I go to buy a home and they tell me the reason I cannot get the loan is because I put MY money in MY bank account?!?!?!?! Are you kidding me. This is the beginning of something very bad. I dont know what, but this cannot be good

Seven Atenine

The sad part is..it true my daughter has done the same thing she turned 21yrs. It’s a bunch of Bull.. And this has extended her loan time because of this. Just let your payroll come in and spend vey little while you still have your funds under your mattress.Please watch how you spend you still have the IRS. I should know I work for them.

Mortgage Help

Hard working like you are not the target, this is to combat money Laundry if you work in a job where you receive cash like tips you can type a simple letter and explain it, or wait two month before you apply so the money is seasoned wish you all the best

flankton

Why should anyone be a “target”. It’s a huge invasion of privacy and it’s not constitutional.

Frieda A. Rodriguez

Did your home loan get approved???

Bart Hawkins

Arrogant buzzards (since disquis didn’t and won’t, being an entirely liberal collection of buzzards itself, “approve,” my comment).
REBELLION is in the air!

Bart Hawkins

This entire set of requirements is nothing more than thievery in the form of a scam. HOW DARE these ******** have the effrontery to make you prove the sources OF YOUR OWN FUNDS?
Then how dare these ******** have the effrontery to require such an enormous paperwork trail, etc. etc. for lending against an ENTIRELY SECURE asset?
How dare they?
Ask Bill Clinton and Barack Obama. They renewed Federal permissions behind such scrutiny.

n o

yes they need to create underwriting rules just for you.

Here is what you do not understand, there are millions of loans and the guidelines are there for a good reason. If you want the cheaper, cookie-cutter, conforming loan then stick to those rules.

If you do not like the standard guidelines you can still get a mortgage, just look for “non-conforming” loans and get more “customized underwriting”; just to pay extra for that.

ScottSheldonLoans

Essentially correct,creme of the crop loans come at a price, which is FULL supporting documentation, dotting all “I’s” and crossing all “T’s.” This is regulatory environment we all have to play brought on by the years of lending abuses 2004-2007. Unfortunately, now the pendulum has swung so far back, that “makes sense” underwriting is tossed out the window in favor a checklist.

n o

when did you ever get to pull cash out of a mattress and use it for a down-payment (on a conforming loan)?

I am doing a refi now with Provident and getting a bit of a grilling. Great rate though. I think the issue is our tax returns are 200 pages (with reports) but in the end it is all W2, 1099 and lots of Schedule E and C. I think the underwriter is lost.

LEGION3000

I’m in the same boat with being seasonally self employed. Underwriters can’t handle the fact that I may get 10k for 6 months and nothing for 6 more. It literally breaks every check box they have.

MichaelJ

Good advice that a lot of consumer/borrowers don’t know or understand and also resent providing info. As a professional also in the industry, I can relate. Many feel like it’s an infringement of privacy and doesn’t make sense to them. But if you are patient and explain various reasons, they come to understand.

Bart Hawkins

These reasons are entirely contrived and represent nothing more than snooping, at best, and far worse.
The lenders have no business questioning ANY funds listed in my account, other than the fact of verifying with the bank that the STATMENT itself is legitimate (and therefore matches with reality).

Colin

Bart,

You should consider what would happen if 25% of your neighbors decided to sell their homes at the same time and all of the Buyers used undisclosed personal loan proceeds to fund their down payments.

I’d bet that a year later when you realize you lost 30% of your equity due to their foreclosures bringing your property value down, your opinion on the topic would change.

How soon we forget what caused the mortgage crisis in the first place.

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